Philippine Insurers Urged to Simplify Products, Expand Coverage

Insurance executives in the Philippines have emphasised that simplifying products and embedding protection into everyday transactions are critical strategies to expand coverage and improve affordability. Speaking at the Asian Banking & Finance and Insurance Asia Summit, industry leaders highlighted that customer-centric design, relevance, and seamless claims processes are key to engaging more Filipinos with insurance solutions.

Simplifying Products for Greater Reach

Arnolfo “Nol” de Leon, Chief Agency Officer at FWD Insurance, explained that product development at FWD follows a customer-first approach. “We start by listening. We try to design products around what they really need, not on what is easy to sell,” he said during the panel discussion.

FWD applies its “Easy Five” principle—easy to know, easy to buy, easy to engage, easy to claim, easy to love—to keep policies straightforward, avoiding unnecessary features or overly complex legal language.

De Leon noted that simplicity not only improves accessibility but also helps manage costs. “We use data to price risk accordingly,” he said. A notable example is FWD’s customisable pet insurance plan, available online for as low as ₱333.30 in its first year, covering up to 34 critical illnesses.

“The plan is tailored to Filipino needs, including low-margin segments, and also supports social causes,” de Leon added.

Embedding Insurance in Daily Transactions

Executives also stressed that insurance is most effective when offered at the “moment of truth”—integrated naturally into consumers’ everyday transactions. Anthony Louis Gunzon, Chief Marketing Officer at Malayan Insurance Co., Inc., noted that affordability goes beyond price; relevance in context is critical.

Gunzon cited the UK’s so-called “seagull insurance”, where customers buying a burger for around $1.34 (£1) can insure their meal against seagull theft. “It’s affordable, but what matters is the timing and relevance in the customer journey,” he said.

At Malayan Insurance, customer behaviour insights led to changes in their pet insurance product. Originally, owners had to provide pedigree numbers—a requirement that limited uptake. “Most pet owners don’t have pedigrees unless they participate in dog shows,” Gunzon explained. The company removed the requirement, greatly expanding the potential market.

Enhancing the Claims Experience

Improving claims handling is also central to building customer trust. FWD has implemented workflow automation and straight-through processing, reducing manual steps, while artificial intelligence tools assist agents in guiding customers through claims.

“Despite technological advances, life insurance in the Philippines remains largely relational,” de Leon said, emphasising the ongoing importance of personal engagement.